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A plat map shows how a tract of land is divided into lots. It also displays the size, boundary locations, nearby streets, flood zones, easements and rights of way which relate to the project. Answer. a plot plan is a tempting red-herring. A plot plan shows where a building and other site improvements will be located on an individual lot. In terms of scale, a plat map relates to a whole neighborhood or development. A plot plan refers to a single property.
The recipient of title to a property by deed is the
Agent Seth is employed by Broker Rachel. Seth enters into an exclusive listing with a property owner to sell their property. At the same time, Agent Bethany, who is also employed by Rachel, works separately with a buyer to locate qualifying properties listed with other brokers. Agent Bethany shows her buyer a property that is the subject of an in-house listing. What does this do to Rachel’s agency status?
Rachel becomes a dual agent the moment Bethany’s buyer is exposed to a property that is the subject of an in-house listing.
If the monthly rent on a particular duplex is $1,200 per month for each unit and the gross rent multiplier (GRM) is 12.5, what is its value?
A buyer enters into a purchase agreement with a seller conditioned on the buyer obtaining loan financing. The buyer contacts a lender who agrees to fund the loan. The buyer pays multiple points upfront to the lender. What does this do to the note rate on the mortgage?
The note rate will decrease and the principal amount will remain the same.
The tenant who rents an apartment under a month-to-month rental agreement is the
Riley is hired to conduct an appraisal of a property. While analyzing the location of the property, Riley observes the property is situated behind other lots and is connected to the public street by a long and narrow driveway. This kind of lot is referred to as a (n)
Martha is the escrow officer overseeing the closing of a purchase transition involving Seller Jason and Buyer Lena. A dispute arises between Jason and Lena regarding repairs agreed to be made to the property by Jason. Escrow fails to close. No mutually agreed to instructions are given to Martha concerning the disbursement of the funds in escrow. What should Martha do with the deposit held in escrow?
Deposit the funds with the court.
At the close of escrow for the sale of a property, the title insurance company obtained transfer tax stamps for the purchase price of $387,600. How much was the transfer tax charged?
An experienced salesperson arranged an employment contract calling for a 70/30 split of any commissions received. The salesperson completed a sale representing both the buyer and seller. The sales price was $650,000. The escrow instructions called for a 5% fee paid to the broker. How much did the salesperson receive from their broker?
Michael is hired to conduct an appraisal of a residential property. The neighbor’s property recently sold for $445,000. The neighbor’s house is of a similar age, size and condition as the owner’s house, except it has a fireplace worth $5,000 which the owner does not have. Adjusting for the difference in the improvements (the fireplace) between the owner’s and neighbor’s house would establish the value of the owner’s house at $440,000. This is an example of what appraisal approach?
Market comparison approach.
Palmer purchases and occupies a single family residence (SFR) as his primary residence. Seven years into his ownership, the city constructs a freeway two blocks away from his house. The new freeway increases traffic congestion in the area. Further, Palmer is able to hear the sound of the freeway while in his backyard. What is this situation an example of?
Harvey has been hired to conduct a survey of raw land located outside of the city center. Public utilities have yet to be connected to the land. The land is a quarter of a section. How many acres is it?
Samson would like to purchase a newly built home that is close to good schools for his children. He locates a two-story property that features a brick and wood façade. A kitchen and family room are located on the first floor. Multiple bedrooms are contained on the second floor. What property style best describes the house being considered by Samson?
An appraiser is hired to appraise a single family residence (SFR) in an older community. The appraiser observes an abandoned industrial plant next door with large tanks for the storage of chemicals and is concerned about contaminants. Of the following choices, which is the appraiser most likely to recommend first?
A toxic waste report from the environmental protection agency (EPA).